http://www.harborfreight.com/2-hp-8-gallon-125-psi-portable-air-compressor-67501.html
I'd buy this one instead. Same cheapo compressor and you can use a 20% off coupon. I have had this HF one for 2 years now and still runs great.
Bushings to reduce into and out of your dryer. They will not restrict your air flow that much and I would go with a refrigerated air dryer because dessicant beads are expensive.
Before your dryer install a particulate filter and after your dryer put a moisture trap.
Also, for moisture traps...
Just the t30 pump is worth some money. I'd call a local motor shop cause they probably got a 220v single phase laying around. You can buy a new pulley if the shaft size is different. Make sure to align the pulleys. Later
As a compressor field service technician, I recommend 30wt non detergent oil. Best to buy a five gallon pale. I use compressorparts.com to buy my oil. Good luck!